Citizens Community Bancorp Inc. (CZWI) 10-Q Quarterly Report August 2022

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $4.4 million and earnings per diluted share of $0.41 for the quarter ended June 30, 2022, compared to $4.7 million and $0.45 per diluted share for the quarter ended March 31, 2022, and $4.7 million and $0.44 per diluted share for the quarter ended June 30, 2021, respectively. For the first six months of 2022, earnings were $9.1 million, or $0.86 per diluted share, compared to earnings of $10.2 million, or $0.94 per diluted share for the first six months of 2021.

The Company’s second quarter 2022 operating results reflected the following changes from the first quarter of 2022: (1) net interest income increased $1.1 million; (2) an increase in provision for loan losses of $0.4 million due to loan growth; (3) lower gain on sale of loans of $0.3 million; (4) a decrease in the MSR impairment reversals of $0.5 million as a result of no MSR impairment at March 31, 2022 or June 30, 2022; and (5) modestly higher compensation resulting from the annual merit increases effective in late March.

“We experienced strong annualized loan growth of 18% on a linked quarter basis and annualized loan growth through six months of 7%. At the end of the quarter, loan demand and pipeline activity showed some softening due to the effect of higher interest rates, inflation and supply chain delays on new construction projects, and our adjusted credit standards to prudently manage risk. Economic activity in our markets, however, remains strong with unemployment rates remaining below national averages and solid business activity across most industries. I am pleased by our work to closely manage expenses as evidenced by the efficiency ratio of 60% in the quarter,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

Book value per share was $15.64 at June 30, 2022, compared to $15.72 at March 31, 2022, and $15.33 at June 30, 2021. Tangible book value per share (non-GAAP)1 was $12.36 at June 30, 2022, compared to $12.40 at March 31, 2022, and $11.95 at June 30, 2021. The increase in unrealized losses in the available for sale portfolio lowered both book and tangible book value in the first and second quarters, with the amount of the unrealized loss moderating in the second quarter. Net income and CDI amortization partially offset this unrealized loss impact.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, July 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Citizens Community Bancorp Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
Amortization expense decreased in the six months ended June 30, 2022, compared to the six months ended June 30, 2021, by $469 thousand.

Other - Other Highlight
The use of different assumptions could produce significantly different results, which could have material positive or negative effects on the Company's results of operations, financial condition or disclosures of fair value information.
Financial - Expense Highlight
Net mortgage servicing rights expense decreased during the three months ended June 30, 2022, compared to the comparable prior year period as amortization expense decreased, resulting largely from the impact of lower future forecasted prepayment rates and the quarter ended June 30, 2021, had $23 thousand of impairment reversal.
Revenue - Product Highlight
Net gains on repossessed assets decreased due to fewer and lower value repossessed property sales resulting in lower corresponding gains on sale.
Other - Other Highlight
The ALL and related need for no provision was due to loan shrinkage and low net charge-offs in the previous quarter.
Other - Other
In addition to the policies...Read more
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The lower tax expense is...Read more
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For the three and six...Read more
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We determine our provision for...Read more
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However, any such modifications could...Read more
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Our primary sources of funds...Read more
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In addition, a decline in...Read more
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Investment securities volume increases are...Read more
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The decrease in the allowance...Read more
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The FDIC insurance premium increased...Read more
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Allowance for Loan Losses to...Read more
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The decrease in certificate volumes...Read more
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There can be no assurance...Read more
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The lower effective tax rate...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
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This growth was partially offset...Read more
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These refinements could also cause...Read more
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The FDIC insurance premium decreased...Read more
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Performance year to date and...Read more
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Continued improving economic conditions in...Read more
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Loan servicing income decreased with...Read more
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Net interest income for the...Read more
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Based on an estimate computed...Read more
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At June 30, 2022, the...Read more
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However, based on periodic examinations...Read more
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To management's knowledge, there are...Read more
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As of June 30, 2022,...Read more
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Professional services costs decreased during...Read more
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(2) Maximum month-end borrowed amounts...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Citizens Community Bancorp Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Section 302 Ceo Certification

Exhibit 31.2: Section 302 Cfo Certification

Exhibit 32.1: Section 906 Ceo And Cfo Certification

Ticker: CZWI
CIK: 1367859
Form Type: 10-Q Quarterly Report
Accession Number: 0001367859-22-000119
Submitted to the SEC: Thu Aug 04 2022 4:37:53 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Savings Institution Federally Chartered

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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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